Former DHS Chief Offers Up Cyber Insurance

Former homeland security chief Tom Ridge is getting into cyber insurance, he announced this week. In light of massive breaches at Target, Home Depot, JPMorgan Chase & Co. and others, Ridge said his company, Ridge Insurance Solutions Company, was teaming with Lloyds of London to offer cyber attack insurance. Initially, Ridge Insurance plans to target companies with a value of as much as $500 million, offering plans that begin at $50 million. The company expects to generate $40 million in premiums in the first year and a half, according to Bloomberg.